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USDCHF Classic Technical Report 08.03.2012

By , Currency Strategist
03 August 2012 09:53 GMT

Prices are edging higher as expected after putting in a Bullish Engulfing candlestick pattern above support in the support in the 0.9735-52 area. Initial resistance remains at 0.9872, with a break above that targeting 0.9971. Alternatively, a reversal back through support exposes a rising trend line set from early May (now at 0.9708) and the 0.9616-50 region.

USDCHF_Classic_Technical_Report_08.02.2012_body_Picture_5.png, USDCHF Classic Technical Report 08.03.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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03 August 2012 09:53 GMT